Chief executive, Rowan Gormley, said second-half pre-tax earnings were up 51 per cent, adding: “We are past the tipping point, both financially and operationally.

“Financially, adjusted EBIT in the second half of the year is up 51.0 per cent on prior year.

“Operationally, we are through the most risky and cost intensive phase of our transformation plan.

GETTY

Underlying profit fell 29.2 per cent to £10.9 million on sales of £461.1 million

GETTY

Majestic wine target £500 million sales by 2019

“Together these mean we have a business that is better able to weather the uncertain trading environment, with a sustainable growth model, the big strategic questions answered, a better paid and rewarded workforce and more effective systems and processes.”